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The government, through the Indonesian Economic and Trade Office (KDEI), has held a business forum in Taipei to encourage Taiwanese businesspeople to increase trade and investment in Indonesia.

The July 13 event, organized by KDEI Taipei in cooperation with Indonesia’s Investment Coordinating Board (BKPM) and CTBC Bank, aimed to showcase Indonesia’s progress in improving the business climate.

“Transparency is the spirit that we promote in our economic policy, especially in the investment policy. This in line with the New Southbound Policy that has become Taiwan’s primary foreign policy,” KDEI head Robert J Bintaryo said on Saturday, as quoted by news agency Antara.

BKPM deputy head Azhar Lubis said 60 percent of the total investment in Indonesia in the first quarter of 2017 was foreign capital investment, amounting to US$7.3 billion. “Asian countries including Taiwan dominated the total foreign investment,” he said.

In the past five years, the trade value between Indonesia and Taiwan declined by 13.62 percent. Over the same period, Indonesian exports of non-oil and gas products dropped by 9.81 percent. (rdi/ags)